China National Petroleum Corporation (CNPC) will cooperate with Rosneft and Gazprom to exploit oil and gas fields in the Arctic Ocean. An officer from the Russian State Bureau of Oil said that CNPC will provide the funds and equipment in exchange for the oil. They may sign an agreement with CNPC in the second quarter of this year. CNPC's investment amount has not been confirmed yet. Rosneft and Gazprom will hold the exploit licenses.